All Races Available in Patch 5.0.4

With the release of patch 5.0.4, we’re making all the races of Azeroth playable by anyone, no matter which version or expansion of World of Warcraft they own. This includes the enigmatic pandaren, who will become available for play when Mists of Pandaria is released on Tuesday, September 25. We want the entire World of Warcraft community to be able to embrace their inner goblin, blood elf, worgen, draenei, or pandaren from the moment they step foot into the world of Azeroth.

Now, the only hard part will be choosing a name. Who will you be next?

Originally Posted by Blizzard
(Blue Tracker / Official Forums)

I've seen some confusion about when pandaren character creation will be accessible.

Just to be clear on the announcement, we're making it possible for people to create a character of any race, regardless of what expansions you've purchased. So if you only have the original game (which now has The Burning Crusade included), when patch 5.0.4 hits you'll be able to create goblin and worgen characters as well. And, once Mists of Pandaria is released, you'll be able to create pandaren characters, regardless of whether or not you own Mists of Pandaria.

So it says all races, what about though all classes? Just because Pandaren become available for play regardless if you have MoP or not, does this include the new monk class?
No, you'll need to upgrade your World of Warcraft license to Mists of Pandaria in order to unlock the monk class. The same is true for leveling from 85-90 and gaining access to the continent of Pandaria.

I guess that you'd still have to have the expansion to enter Pandaria, but I think that's pretty cool. People can play and preview the new races to see if they'd want to buy it in case they are on the fence about it.